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Technovator International,  a manufacturer and provider of energy control products for buildings, plans to go ahead with an initial public offering despite troubled market sentiment, in a bid to raise up to HK$146 million in fresh capital.
Founded in Singapore in 2006, Technovator is controlled by Shanghai-listed Tsinghua Tongfang.
Headquartered in Singapore, it provides energy-saving products and solutions for buildings in China under the Techcon and Distech Controls brand names and has branches in China, France, and Canada. 
In the first four months of this year, the market beyond China contributed half  its total revenue. 
'We would like to beef up our presence in China and maintain our current net profit margin level there, which is about 10 per cent,' said chairman Lu Zhicheng.
Despite the lacklustre market, Lu said he was full of confidence about the prospective listing.  
'It's now winter for the capital market. But our confidence comes from the expectations of this industry and of Technovator,' he said. 
China is promoting the use of energy management systems to fulfil its pledge of improving energy efficiency and reducing greenhouse gas emission.
Technovator plans to issue 122 million shares at an offer price of between HK$1.00 and HK$1.20 a share. The public offer will begin today  and dealing in its shares will start on October 27. The company will use 40 per cent of the proceeds to look for product and technology purchase opportunities and acquisitions.
'It will be mainly in the Southeast Asia area,' said Leung Lok Wai, chief financial officer.
Thirty per cent of the proceeds will be spent on increasing its penetration and market share in international markets, and the balance will be used  on strengthening research and development, broadening sales channels, and as  working capital.
In the first four months of this year Technovator's revenue increased by 59 per cent year on year to US$24 million and its net profit rose 58 per cent to US$2.2 million.



Technovator to proceed with IPO, undeterred by market turmoil